Need experienced advice about sale of house...

[imoverit]

We are in the 60 day club! WOOHOO... the question is about our house

We have a short sale "approved" by the bank. The approval just came today. There is a standard doc from the bank (Nat City) It says "be aware this does not discharge you from the deficiency. You will need to make acceptable arrangements" Am I safe to sign this?

[imoverit]

Actually I am going to type exactly what the approval letter says...

"By accepting the Agreed Short Sale Amount to release their interest in the property does not discharge your responsibility for the remaining balance due on that loan. If you have not already made acceptable payment arrangements for the deficiency balance, please contact that lien holder to arrange an acceptable method for payment of the remaining outstanding balance."

"If you agree with the terms please sign below"

Soooo I am no lawyer, but nowhere does it say I am responsible for the deficit...it says the short sale does not discharge it... I am I reading this right?

[keepmine]

If you've filed bk, why fool around with a short sale? Just include that baby in the bk and let the lender worry about it.
Noway I'd sign anything a creditor presented to me without letting my lawer see it first.

WHo do you think would be responsible for any deficiency balance?

[imoverit]

The only reason I am messing with a short sale is that in my area foreclosures are taking a really long time. The house is vacant, and I want it out of my name. I don't want to wait another year watching for a foreclosure while it gets in even worse shape. I am thinking of my wonderful old neighbors. I want out NOW. That is the only reason. I did send the letter to my lawyer for review. My lawyer is a bit of an assembly line so I wanted to get some other experienced opinions....